According to BlockBeats, on September 12, Blackstone Group's Chief Financial Officer Michael Chae expressed cautious optimism regarding a soft landing for the U.S. economy. This indicates that the alternative asset management firm is betting that the Federal Reserve's efforts to curb inflation will not lead to an economic recession in the United States.
Blackstone's proprietary inflation measure shows that U.S. inflation has reached 1.7%. This measure excludes housing costs and incorporates other relevant indicators. Chae noted that this would help the U.S. achieve the Federal Reserve's inflation target.
Chae also mentioned that data collected from Blackstone, the world's largest alternative asset management company, indicates a softening labor market. In a survey conducted in June, CEOs of Blackstone's portfolio companies predicted a slowdown in wage growth for the coming year. While revenue growth across Blackstone's global portfolio is decelerating, these companies have demonstrated resilient profit margins.
